Descon Engineering Limited announces pay cuts
Aftab Ahmed
Descon Engineering Limited has announced pay cuts up to 30 percent following a current global economic slowdown in wake of the coronavirus outbreak effective from April 2.
In addition to placing a cut on salaries, the management of Descon Engineering Limited, owned by Razak Dawood, a cabinet member of Imran Khan’s PTI, has also announced a 100% freeze on all new and replacement recruitment. This is a step to reduce the expenses following the outbreak of the Pandemic.
Chief Executive Officer (CEO) and leadership team members of Descon engineering limited will receive a 30% reduction in April and May payroll.
The current global economic slowdown is posing challenges for Descon Engineering in all regions and business segments we operate in. The situation requires that we must act in a financially responsible and proactive manner, CEO Descon Engineering limited said.
The Leadership Team met and reviewed all our business goals, objectives, and processes in order to find ways to curtail our expenses and increase revenue to protect the future well-being of Descon Engineering and its employees.
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However, all management employees from Grade B to G will receive a 20% reduction in April payroll. ‘Should the situation worsen during the month of May 2020, an additional 10% reduction will apply for the month of May 2020 payroll capping at 30 percent, CEO Nadeem Bajwa Chief Executive Officer Descon Engineering, said.
As a result of this analysis and in an effort to manage Descon engineering limited’s cash flow during the time of economic uncertainty, the leadership team has come to some difficult but necessary actions.
All employees are requested to continue to work their regular full-time schedule, he said adding that there is a 100% freeze on all new and or replacement recruitment/appointments/hiring till further notice – irrespective of location.
Please note that these are “Temporary Actions” and are applicable to all regions local, overseas, head-office, project sites without any exception, Bajwa said.
Descon Engineering Limited has been at the forefront in supporting employees and their families over the last 42 years, however, this is an extremely difficult decision and the choice we made is the best option at this time. We are trying to minimize the impact on our employees while ensuring business continuity.
The Leadership Team is monitoring the ongoing situation at regular intervals. The management expressed commitment to taking all the necessary steps to compete effectively. He said adding that We appreciate the commitment and hard work of each and every member of the Descon family and sincerely believe that with our very talented workforce, we will emerge from this crisis a stronger company.
